Judge Kaplan rejects Bankman-Fried’s new trial bid

U.S. District Judge Lewis Kaplan on Tuesday denied former FTX CEO Sam Bankman-Fried’s motion for a new trial in the Southern District of New York, rejecting material Bankman-Fried presented as proof that FTX was solvent. Kaplan described the submissions as “wildly conspiratorial” and “baseless.”

Bankman-Fried filed the motion in February and withdrew it last week, saying he did not expect a fair hearing from Kaplan. The original filing accused the Justice Department of withholding information and attached statements Bankman-Fried identified as coming from FTX Digital Markets co‑CEO Ryan Salame and former head of data science Daniel Chapsky, whom he said were too frightened to testify.

In the order, Kaplan wrote that Bankman-Fried “could have obtained or at least sought to compel their testimony,” but did not do so. The judge added that the claim witnesses stayed away because of government threats was “wildly conspiratorial and entirely contradicted by the record.”

Salame pleaded guilty to criminal charges and was sentenced to 90 months in prison in 2024. Bankman-Fried was convicted by a New York jury in November 2023 on seven counts of defrauding customers, lenders and investors related to the collapse of FTX and Alameda Research. Prosecutors described the fraud as among the largest of the last decade. Bankman-Fried was later sentenced to 25 years; an appeal is pending.

Kaplan also criticized Bankman-Fried’s public efforts to recast the case, citing interviews with author Michael Lewis and commentator Tucker Carlson. The judge wrote that Bankman-Fried’s asserted “facts” “have been seen before” and said the public arguments did not change the record presented at trial.

The order rejected procedural claims that government misconduct prevented a full defense and pointed to the trial record to show opportunities to secure witness testimony. With the denial, Bankman-Fried’s conviction and sentence remain in place while he pursues appellate options and a separate request for presidential clemency.